Senior Living Investment Brokerage’s Brookdale Sale
Sales are still getting done at Senior Living Investment Brokerage, with Brad Clousing, Jeff Binder and Patrick Burke handling the sale of a 78-unit assisted living community in Northport, Alabama. In 2019, Mr. Clousing had also sold a 161-bed skilled nursing facility in Northport, so we’re sure that experience helped in this transaction. Built in 1999, the community is situated on about four acres along the Black Warrior River near Tuscaloosa. In addition to the 68 assisted living units, it includes 10 units and 16 beds of memory care. A Mid-Atlantic-based owner/operator bought the community, its second in the state of Alabama, and plans to invest in physical plant... Read More »
Creativcap Announces Sale and Several Loan Closings
It’s good to see business still getting done these days. Scott Kavel, Founder and Principal of Creativcap, took that to another level by announcing four transactions in the last week, including one sale and three loan closings. The transactions were likely nearly finalized before much of the mayhem started, but to close a deal in this environment is an accomplishment. The sale included a stand-alone memory care community in the Southeast. Built in 2015, it features 65 units and nearly 54,000 square feet. Occupancy was over 95%, and operations stayed on track throughout the sales process. Its location is undisclosed but was in a top-tier market in the Southeast. That location, along with... Read More »
REITs Announce Share Repurchase Programs
Amid the cratering of share prices across most industries, a couple of healthcare REITs announced share repurchase plans. LTC Properties announced that its Board of Directors approved a share repurchase plan involving an aggregate of up to five million of its outstanding shares of common stock. The company made the plan public on March 12th, when the company’s stock price closed at $29.53 per share, down from $48.84 per share on March 5th. Its stock price has since fallen a little further, hitting bottom (we hope) at $24.49 on March 18th, the same day when most stock indices also reached their near-term lows. LTC plans to use the proceeds from several asset sales to execute on some of the... Read More »
Genesis HealthCare Sees Share Value Rebound
It’s no surprise that Genesis HealthCare has seen a significant drop in its share value as a result of Covid-19. The company owns and operates facilities that care for a medically-complex population that is most vulnerable to the virus, which is a huge risk in itself. The horrifying situation at a Life Care Centers facility in Kirkland, Washington, where 129 cases of Covid-19 have been confirmed (81 residents, 34 staff members and 14 visitors) and 35 people have died (more than half of the state’s total), has also colored the image of SNFs in this situation, probably contributing to the flight of capital from the sector’s stocks. During the massive... Read More »
Newmark Knight Frank Off and Running
The team at Newmark Knight Frank is off to a good start so far in 2020, doing equity, debt and sales transactions. In California, they closed just over $48 million in an equity raise for a new senior living development in the Los Angeles metro market. The community will total 336 units of independent living, assisted living and memory care. While technically not a CCRC, it is a rental community offering everything except skilled nursing, which seems to be where the market is heading these days. The total cost is estimated to be north of $200 million, or more than $600,000 per unit. While high, it is LA, where the difficulty for new development is well known. It is also quite a large... Read More »Schedule a demo
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